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Discuss whether the disposal can still be classified as held

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Reference no: EM132797317

Problem 1: MGA Manufacturing Limited is committed to a plan to sell a manufacturing facility in its present condition and classifies the facility as held for sale at year-end. After a firm purchase commitment is obtained, the buyer's inspection of the property identifies environmental damage not previously known to exist. MGA is required by the buyer to make good the damage, which will extend the period required to complete the sale beyond 1 year. However, MGA has initiated actions to make good the damage, and satisfactory rectification of the damage is highly probable. Discuss whether the disposal can still be classified as held for sale.

Reference no: EM132797317

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